UPDATE: Bank of America Merrill Lynch Downgrades Regions Financial to Neutral

Bank of America Merrill Lynch is out with its report today on Regions Financial RF, downgrading RF from Buy to Neutral. In a note to clients, Bank of America Merrill Lynch writes, "We are downgrading RF to Neutral from Buy. RF has underperformed materially of late, as investors sell banks they perceive to be most vulnerable to a marked slowdown in the US recovery." Bank of America Merrill Lynch Lowers PO to $6.50 in RF. Shares of RF closed Wednesday at $6.15.